Dow Chemical CEO Andrew Liveris on Tuesday said he would retire by mid-2017. Via Reuters, Liveris indicated during a quarterly earnings call with analysts he would step aside after Dow’s impending merger with DuPont is complete. Dow and DuPont are planning to split into three separate companies focused on the plastics, specialty chemicals and agricultural sectors post-merger. The deal is expected to close in the second half of this year, with the spin-off to follow 18-24 months afterward.
A native of Australia, Liveris has been with Dow for 40 years and became CEO in 2004. As Reuters notes, Liveris has come under fire in recent years from activist investor Daniel Loeb, whose hedge fund Third Point owns a 2% stake in Dow. Liveris has talked of retirement in the past, and it is not evident that pressure from Loeb had any bearing on his decision.
Dow on Tuesday announced the appointment of Jim Fitterling to the role of president and COO. Fitterling, himself a 32-year Dow veteran, previously served as vice chairman and COO.
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